Debt Consolidation


If you are someone who is in debt up to your eyeballs, struggling to avoid having your loans go into default, or have too many high interest loans, debt consolidation is something for you to consider. Debt consolidation allows you to combine all of your outstanding debts into one loan. This way you are able to take control of your finances by making one manageable payment, usually at a lower interest rate, and shortening the time that you are debt free. 


When you come to us with your financial crisis, we will provide you with a free and no obligation consultation so you can be well informed about debt consolidation before you make a decision. In order to qualify for debt consolidation with us you are going to have to be a property owner. 


The major thing that you need to know about debt consolidation is that when you decide to take this route your debt becomes secured debt. This means that if you do not pay the money back you may lose your house. Other things to consider before debt consolidation are listed below:

    

  • Your debt could potentially take longer to pay off and cost more because of the time period that you are allowed to pay off the debt
  • If you do not pay on time you could lose your property
  • If you do not stop using your credit cards and continue to use them you are only making more debt for yourself


Getting Your Finances Back on Track 

When you first enter repayment mode on your debt consolidation loan you may only be able to afford to make the minimum payment. However, when your finances allow it, you should pay more than the minimum amount due so you can get your finances back on track quicker. 

This will cut down on the interest that is added onto the loan. Keep in mind that you do not want to look at debt consolidation as a solution to all of your financial problems. It should be viewed as a way to get rid of excess debt and it should deter you from doing what you did the first time to find yourself in this situation. While it is true that debt consolidation helps you get your finances back on track, it is up to you to keep yourself debt free.